Gold at Sohn: Druckenmiller lukewarm on the precious metal; Bridgewater sees a longer run higher
The chairman and CEO of Duquesne Family Office LLC said in a fireside chat during the virtual Sohn Conference Tuesday that he currently owns gold and silver but doesn't have a lot of conviction behind the safe-haven investment.
Looking at economic conditions, Druckenmiller said that although there is significant uncertainty surging through the global economy, in his hard landing scenario, he could see equity market valuations drop 20% with the unemployment rate rising to around 5%. He noted that his confidence in his economic projections is less strong than usual.
While Druckenmiller may not be extremely bullish on gold, he is more optimistic about copper, even if investors must be a little patient as the world faces a challenging economic environment. He pointed out that copper suffers a significant supply/demand imbalance but, in the near term, could suffer as recession fears heat up.
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